Almost a year back, we had covered a news about Axis bank setting up ThoughtFactory, an innovative lab to nurture fin tech start-ups and now they have announced the graduation day for the six exciting start-ups that have been nurtured in their hub.
Six start-ups, namely S2Pay, Pally, Perpule, Fin-techLabs, Paymatrix and Gieom graduated from the first batch. At the Graduation day event, where the start-ups talked about their work, Axis bank announced that it has selected three fin-tech start-ups from the first batch of its accelerator programme ‘Thought Factory’ whose solutions it will commercially deploy at its business units. The three start-ups that the Axis bank will be working with are Pally, Fin-techLabs and Gieom for their fin tech solutions for its specific-use cases .
“We will pilot these solutions internally before releasing them to our customers. Axis Bank doesn’t take any stake in these start-ups, neither will we invest in any. We will associate with these start-ups on a commerce agreement basis,” Rajiv Anand, executive director, Axis Bank, said.
The Axis bank thought factory program started with a pool of 108 applicants and after rounds of filtering down, here are the six start-ups that came out with flying colours on the graduation day.
The start-up aims to deliver better customer experiences to organizations engaged in financial domain, using AI. Pally has created an intelligent chatbot that creates an investment portfolio for tax savings when it is fed with an image of a salary slip.
The start-up’s solution enables offline mobile payments. Building a layer over any payments app, users can make secure payments from their mobile app, even when they are offline via SMS.
A Kalaari Capital-funded start-up, Perpule allows users to scan products from their mobile app and pay from within the app once the list is complete. The company had raised $650,000 in an angel round from Kstart Capital; Venture Highway; and Raghunandan G, co-founder of TaxiForSure.
This is a lending management platform that offers different analytical models that can be used in the digital spending space. It offers a bunch of solutions including loan management software, peer-to-peer lending marketplace software, bank statement analyser, and ID proof verification software.
This start-up is a property rent management platform connecting tenants and landlords. It automates the rent collection process through different payment options, offers customised rental agreements and provides tenant screening services.
This firm offers cloud-based solutions and analytics to help large firms manage their operations, employee productivity, change management, and risk and compliance. It also helps banks transition smoothly to new IT systems.
Axis bank’s Thought Factory provides a vibrant work space for the start-ups in their program , it also provides masked data which is crucial for any start-up to run on a real-life working model. The ecosystem also gives them exposure to meet angel investors and mentorship from industry leaders and experts such as GoQii founder Vishal Gondal, Sharad Sharma of iSpirt, Manish Chokhani of Enam and serial entrepreneur Shankar Narayan.
Thought Factory is an interesting pillar in the Start-up India movement and it would be interesting to see how it spans out in future. We will keep you updated, stay tuned.